Quiet on Wall Street
After a flurry of activity at the Comdex Fall 2001 conference, investors look ahead to a short week, with a sprinkling of reports and events.
A short week will give investors and technology enthusiasts an opportunity to rest up and reflect after a week of flurried activity.
The Comdex Fall 2001 conference in Las Vegas was a center of activity for the technology industry last week, as tech companies gathered to pitch their latest gadgets and talk up their ambitious plans.
Executives at Hewlett-Packard probably hope for a more uneventful week. The company reported earnings last week as its top executives, led by CEO Carly Fiorina, prepared for a fight with some major shareholders over HP's merger with Compaq Computer.
Things will likely stay quiet this week on Wall Street, as a relatively small number of companies will report earnings. Chipmaker Analog Devices reports Tuesday; analysts surveyed by First Call expect a profit of 12 cents a share for the fourth fiscal quarter compared with 54 cents a year earlier.
Investors will also watch for government data on housing construction, consumer confidence and international trade.
The information was gathered from First Call, Hoover's Online, CCBN's StreetEvents and CNET Investor.
Other events scheduled this week:
TECH EVENTS
Tuesday, Nov. 20
- The Enterprise Information & Content Management Forum will take place at the International Centre, Hammersmith, London, Nov. 20-21. The event is for executives and IT professionals who wish to be up-to-date on the latest software and hardware that businesses can use to gain a competitive advantage. Representatives from IBM, Cap Gemini Ernst & Young, and Adobe Systems will make keynote presentations.
EARNINGS REPORS
Monday, Nov. 19
- Loudcloud provides Web hosting and other Internet services to businesses. Per-share consensus estimate for the third quarter: loss of 70 cents.
- Semtech makes chips for computer and communications uses. Per-share consensus estimate for the third quarter: profit of 9 cents.
- Analog Devices makes chips for the computer, industrial, medical and communications markets. Per-share consensus estimate for the fourth fiscal quarter: profit of 12 cents.
- International Fibercom sells used and refurbished communications equipment. Per-share consensus estimate for the third quarter: loss of 1 cent.
- TiVo sells hardware and subscription services that let consumers digitally record TV shows. Per-share consensus estimate for the third fiscal quarter: loss of 83 cents.
- VA Linux makes software based on the open-source Linux operating system. Per-share consensus estimate for the first fiscal quarter: loss of 22 cents.
- Nintendo is a major manufacturer of video game software and equipment. The Japan-based company will release interim earnings for fiscal 2002, which ends in March. No estimates were available.
ECONOMIC REPORTS
Monday, Nov. 19
- The commencement of construction on new homes, known as Housing Starts, is expected to fall to 1.515 million in October from 1.574 million in September, as reported by the Department of Commerce. Economists use this statistic to gauge the health of consumer spending on large items in the economy.
- The index of Leading Economic Indicators (LEI) is expected to stay unchanged in October vs. September's drop of 0.5 percent as compiled by the Conference Board, a business group. The index, designed to signal peaks and troughs in the business cycle, is a combination of 10 indicators, including consumer expectations, money supply data, and the change in housing permits issued. A falling index generally indicates an oncoming recession, while a climbing index signals an expansion.
- The Trade Balance, or the value of U.S. imports subtracted from exports, is expected to shrink to -$26 billion in September from -$27.1 billion in August as reported monthly by the Commerce Department.
- Initial Claims refers to the number of people who filed for unemployment benefits each week as reported by the Department of Labor. Claims will be reported for the week of Nov. 17.
- The Treasury Budget is a monthly report of the surplus or deficit of the U.S. government from the Treasury Department. The deficit is expected to decrease in October to -$8.7 billion from -$11.3 billion in September.
- Revised numbers for the Michigan Consumer Sentiment Index, a measure of consumer confidence, will be released by the University of Michigan. Preliminary numbers for November stood at 83.5.